With the World Business Council for Sustainable Development’s (WBCSD) CFO Network, NRI co-hosted a CFO roundtable discussion in Tokyo on July 1st, focusing on the strategic role of CFOs and finance executives in preparing for mandatory sustainability disclosures.
The event brought together executive leaders from 17 Japanese and international companies, featuring guest speakers Mr. Komori, Member of the International Sustainability Standards Board (ISSB), and Mr. Kuramochi, Director for International Accounting at the Japanese Financial Services Agency (FSA).
The roundtable covered several key topics:
- Collaboration between sustainability and finance teams
- Balancing global and domestic standards and complying with both local and international disclosure requirements
- Adhering to regulations across multiple regions, including the European Corporate Sustainability Reporting Directive (CSRD)
- Other issues such as assurance, internal controls, investor outreach, and data management
Despite the challenges of regulatory requirements, investor pressure, and data management, the discussions highlighted that disclosure is a means to achieving greater resilience and continued success. One attendee noted that the CFO’s role is to provide visionary leadership by strategically managing capital flows in line with evolving market risks and opportunities.
In Japan, the Sustainability Standards Board of Japan (SSBJ) is currently holding a public consultation on exposure drafts of Sustainability Disclosure Standards, incorporating ISSB S1 and S2 standards. Meanwhile, the FSA is working to implement sustainability disclosure and assurance in their regulations. Similar reviews are happening in various jurisdictions worldwide.
WBCSD and NRI encourage all Japanese market participants to actively engage in the SSBJ consultation process before the deadline on July 31. The consultation is available here .
In collaboration with other organizations, including Principles for Responsible Investment(*1) , the WBCSD has called for the universal adoption of these standards to establish a global baseline for sustainability disclosure
WBCSD’s CFO Network regularly convenes CFOs of its member’s companies at virtual and in person events worldwide with peers and ecosystem partners to develop networks and share learnings and perspectives on new frontiers in leadership and sustainable business transformation. NRI envisions that this event will serve as an opportunity to further deepen sustainability information disclosure initiatives in Japan, and will continue to contribute to the development of discussions on the new role of CFOs in Japan and abroad through its collaboration with the WBCSD.
